private offering of senior notes (aut), page-8

todays price action will be the smart money creeping in prior to a likely bid from AUT.
The terms of the convertible note for AUT were out today and its highly unlikely that once they get it away, which they will, they make a bid. They wont want to be paying 9.85% coupon without getting a return. Its not like an undrawn loan facility, the interest starts ticking immediately so they need to put it to work.
TKN will be well below EKA on the target list, as would AWE.

Brace yourselves...